Moody’s Reaffirms Scotch Plains’ Aaa Bond Rating

Scotch Plains Township Manager Al Mirabella announced today that Moody’s Investors Service has reaffirmed Scotch Plains’ Aaa Bond rating in their Annual Issuer Comment Report (AICR) for Scotch Plains Township.

The AICR is a new research publication that provides a single reference source for the most recent credit information on Moody’s-rated local government issuers. The AICR provides a summary of key economic, demographic, financial and operating information within the context of Moody’s ratings methodologies.

According to Moody’s “Scotch Plains has an exceptional credit position and its Aaa rating is much stronger than the median rating of Aa3 for US cities. Notable credit factors include a robust financial position, and a sizable tax base with a very strong wealth and income profile. The credit position also incorporates the townships low debt burden and a somewhat elevated pension liability.”

“I once again commend the work of our employees and the leadership of the Mayor and Township, as we continue to be part of an elite, small group of municipalities that have achieved an Aaa bond rating. The Township’s financial position is robust, and is the continued result of our fiscal oversight, strong management and sound budgeting principles,” stated Township Manager Al Mirabella.

Many key indicators such as our economy, tax base, and finances have improved according to Moody’s.

“This is good news to have as we continue to move forward with downtown redevelopment,” commented Mayor Al Smith. “This report proves that Scotch Plains has an exceptionally healthy economy and is a place you want to invest and create jobs in. The Township Council and I will continue the excellent fiscal management of our town in the years ahead.”

The Township Manager and Scotch Plains Township Council will continue to maintain Scotch Plains’ strong management practices, prudent budgeting, and sound fiscal policies in order to continue to provide the best services for our residents.

The full report from Moody’s can be found at the link below.

https://drive.google.com/file/d/1OVyOjsEEizfF-uJtk0NOE_57cOVRHU1v/view?usp=drivesdk